Recently, someone asked me, “What’s the next big thing for law firms?” Without hesitation, I said, “Strategic account teams—also known as key client teams.”
Their response? “No way—that’s old news!”
At first, I paused. After all, key client planning has been around for years. But then I realized—yes, it’s been around, but most firms still aren’t doing it effectively. In fact, I’d estimate that close to 90% of today’s key client teams fall short of their potential.
Sure, many firms have seen incremental gains by focusing more intentionally on their top clients. But until strategic accounts are fully integrated into a firm’s overall business strategy—embedded in its culture, its compensation systems, and its leadership priorities—these initiatives will continue to be just that: initiatives. Not transformation.
Learning from the Best: What Other Industries Get Right
Consider the Big Four, Oracle, IBM, Salesforce, and other high-performing organizations. For them, strategic account management isn’t optional—it’s a core business function driving consistent revenue growth.
So why does it work so well everywhere else, yet remain a challenge in law firms? There are a few key reasons.
1. Relationship Partners Aren’t Always Strategic Sellers
Many key relationship lawyers are brilliant legal minds but haven’t been trained in competitive selling or account expansion. True growth requires collaboration—with the client, across the client’s organization, and across the firm itself.
The solution? Bring in professional strategic account leaders.
More forward-thinking firms are already doing this—pairing skilled sales professionals with partners and clients. The results speak for themselves: better collaboration, deeper client engagement, and measurable revenue growth.
2. The “Who Gets Credit?” Dilemma
Let’s face it—compensation systems still drive behavior in most firms. When origination credit becomes the central currency of recognition, collaboration takes a back seat.
If firms want their strategic account programs to thrive, they need to evolve how they recognize and reward contributions.
Two ideas to consider:
- Gamify growth. Many successful sales organizations use contests or incentives to motivate revenue growth. When done right, everyone wins if they hit their goals.
- Eliminate (or rethink) origination credit. If every client is truly a firm client, then revenue growth should be celebrated collectively, not individually. Shared success fosters collaboration—and collaboration drives growth.
3. Account Management Takes Real Leadership
Even with the right people, sustaining momentum within client teams can be tough. Lawyers are busy, and keeping them engaged in regular account meetings isn’t always easy.
The key is to stay client-centered. Focus every meeting on the client’s goals and anticipated needs. And importantly, invite the client to join at least two or three meetings per year. Having the client in the room keeps information fresh, strengthens relationships, and energizes the team. It also keeps everyone accountable to real client outcomes, not internal assumptions.
4. Communicate—and Celebrate—Results
Finally, don’t underestimate the power of visibility. Regularly share the successes of key client teams across the firm.
There are two benefits:
- It helps justify continued investment in client visits and account activities.
- It inspires other teams and reinforces the firm’s commitment to client-focused growth.
The Bottom Line
Strategic accounts may not be “new,” but when executed with discipline and commitment, they are transformative. The firms that embrace this approach—by aligning strategy, talent, and incentives—will be the ones that see real, sustainable growth in a flat market.
It’s not about the next “hot thing.” It’s about doing the right thing, better.
Posted In
